New Goodrich Petroleum board under ticker GDPP

http://investorshub.advfn.com/Goodrich-Petroleum-Corp-GDPP-31649/

Goodrich Petroleum Commences Trading On OTCQX

Dec 8, 2016

HOUSTON, Dec. 8, 2016 /PRNewswire/ -- Goodrich Petroleum Corporation (the "Company") (OTCQX: GDPP) announced that the Company's common stock commenced trading today on the OTCQX market under the trading symbol "GDPP". Robert C. Turnham, President, commented, "We are very pleased to have the opportunity to trade on OTCQX and see this as an important step towards increasing shareholder liquidity and investor visibility of our company, pending our listing on a national securities exchange." Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.

About Goodrich Petroleum Corporation

Goodrich Petroleum is an independent oil and gas exploration and production company headquartered in Houston, Texas. For more information, please visit the Company's website at www.goodrichpetroleum.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this news release regarding future expectations and plans for future activities may be regarded as "forward looking statements." Such forward-looking statements are subject to various risks, such as financial market conditions, changes in commodities prices and costs of drilling and completion, operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 and other subsequent filings with the SEC. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.



SOURCE Goodrich Petroleum Corporation

For further information: Robert C. Turnham, Jr., President, +1-713-780-9494

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http://goodrichpetroleum.investorroom.com/2016-12-08-Goodrich-Petroleum-Commences-Trading-On-OTCQX

Ouch, well this hurt. This will go down as my single greatest example of the danger of holding onto a loser too long in hopes of a turnaround

GDPMQ and all series of Preferred Shares cancelled. BK PLAN effective.

http://otce.finra.org/DLDeletions

News Release Issued: Oct 12, 2016 (5:04pm CDT)
To view this release online and get more information about Goodrich Petroleum visit: http://goodrichpetroleum.investorroom.com/index.php?s=43&item=535

Goodrich Petroleum Announces Emergence From Bankruptcy

HOUSTON, October 12, 2016 /PRNewswire/ -- Goodrich Petroleum Corporation (the "Company") today announced that it has satisfied the conditions precedent to the effectiveness of its First Amended Joint Chapter 11 Plan of Reorganization (the "Plan of Reorganization"), which was confirmed by the United States Bankruptcy Court for the Southern District of Texas on September 28, 2016, and has emerged from bankruptcy.

By working constructively with its creditors and other stakeholders, the Company emerged from bankruptcy with the same assets and having substantially reduced its total long-term debt and cost structure, which provides the post-emergence Company with a significantly improved capital structure to maximize the value of its asset portfolio.

In conjunction with its emergence from bankruptcy and pursuant to the Plan of Reorganization, the Company received $40.0 million in new capital through the issuance of Convertible Second Lien Senior Secured Notes due 2019. $20 million of the new capital was used to pay down the Company's outstanding borrowings under its previous senior credit facility to $20 million, which is now the outstanding principal amount of the Company's new senior secured credit facility led by Wells Fargo Bank, National Association as administrative agent. The Company also has $20 million in cash from the new capital to fund initial development of its Haynesville Shale drilling program.

Furthermore, effective today, the Company's Board of Directors will be comprised of Walter G. Goodrich and Robert C. Turnham, Jr., who are existing directors of the Company, together with new directors Ronald F. Coleman, Eugene I. Davis, K. Adam Leight, Timothy D. Leuliette and Thomas M. Souers.

In accordance with the Plan of Reorganization, the Company's existing common stock has been cancelled, and its new common stock will be issued to the second lien notes claim holders, unsecured notes claim holders, general unsecured claim holders and management. The Company anticipates that its common stock will be traded on the OTC Markets marketplace within 2-3 weeks, with plans to list on a major exchange at a later date.

Additional information about the Company's emergence from bankruptcy, including copies of documents related to the exit financing, will be provided in a Form 8-K, which can be viewed on the Company's website: www.goodrichpetroleum.com, or the Securities and Exchange Commission's ("SEC") website at www.sec.gov. Court filings and other information related to the Plan of Reorganization are available at a website administered by the claims agent, BMC, at www.bmcgroup.com/goodrich.

Lazard acted as financial advisor and Vinson & Elkins L.L.P. acted as legal counsel to the Company in connection with the bankruptcy process.

About Goodrich Petroleum Corporation

Goodrich Petroleum is an independent oil and gas exploration and production company. Goodrich Petroleum is headquartered in Houston, Texas. For more information, please visit the Company's website at www.goodrichpetroleum.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this news release regarding future expectations and plans for future activities may be regarded as "forward looking statements." Such forward-looking statements are subject to various risks, such as financial market conditions, changes in commodities prices and costs of drilling and completion, operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 and other subsequent filings with the SEC. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.



SOURCE Goodrich Petroleum Corporation

For further information: Robert C. Turnham, Jr., President, +1-713-780-9494


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There you go...thanks for the jinx

Yep I hear you. Wonder why it hasn't gone south of a penny yet

Nothing can be done. It is over, since the Plan has been confirmed by the Bankruptcy Court. At this point, they are just waiting for the conditions required under the Plan to be satisfied, which is just the completion and issuance of certain paperwork. At that point, the common shares will be officially cancelled. Shortly thereafter, FINRA will be notified and the trading of the old Goodrich common shares will cease forever.

But realistically, there was never any chance of the common shares recovering any value whatsoever. The company's financial statements filed with the SEC were very clear on the issue. The Company had a huge shareholder's deficit, which means the common shareholders owned none of the Company's assets for a very long time. There was also the preferred shareholders standing in line immediately ahead of the common shareholders for any assets, and as disclosed in the 10-K:

"we have outstanding four separate classes of preferred stock with an aggregate liquidation preference of $273.5 million"

In other words, the preferred shareholders were owed $273.5 million in a bankruptcy, which would have had to be paid before the common shareholders saw a penny. And, in the end, there wasn't even a single cent to pay off the amounts owed to the preferred holders either, as they were also wiped out without any payment whatsoever.

Even if management was able to "extend the runway", they were hundreds of millions (at least) short of even meeting the legal obligations of the classes in front of the common shareholders, much less providing anything to the shareholders. There was never any real chance of the common shareholders getting anything at all.

Do you honestly think something can be done at this point? I foolishly believed management was trying to 'extend the runway'. I'm sitting on a very hefty loss at this point. Any ideas would be greatly appreciated

Is anyone surprised?

Of course "holders of Company preferred and common stock will receive no recovery on account of their equity interests." That's what bankruptcy means....

Shit, sorry to hear.

You should feel lucky. I'm down $38K. Should have bought rental properties. This is a joke.

So if we have common we should 100% sell ASAP? Why is anyone even trading the stock then? I'm currently down $3K and my holdings worth $78 lol.

The common shares are worthless as they are being cancelled without any payment under the Plan of Reorganization. Anyone holding the common shares will lose 100% of their investment.

"Holders of Company preferred and common stock will receive no recovery on account of their equity interests."

https://www.sec.gov/Archives/edgar/data/943861/000119312516728549/d158106d8k.htm

The Plan should become effective later in October and the ticker will be permanently deleted by FINRA shortly thereafter.

Findings of Fact, Conclusions of Law, and Order Approving Disclosure Statement and Confirming the Debtors' Joint Chapter 11 Plan of Reorganization. Signed on 9/28/2016

Docket #531

What happens on 28th?

Nothing. Goodrich Petroleum is STILL BANKRUPT!!!

What happens on 28th?

I think we will get information about a buyer of assets. I have a feeling because of the sharp drop in pps. Someone is loading coz they know something....just watch. But what do i know

What are the possible outcomes this week? Best/worst case scenarios? Any opinions? Considering getting some more shares prior to the 28th...

Buyer?

No, but i hope news comes out of nowhere and hits us like a freight train...news about a buyer of debt and assets. Wam bam!!!!!

Juice would be great. Anyone heard anything at all? I emailed IR again and still nada for shareholders. ????

That'd be nice. A run like PGNPQ would work without a buyout too.

Goodrich

I finally took a chance here. Seeing how much it's dropped. 155k. Hopefully we get a buyer like UPLMQ. Thatll be a monster waking up . Go Goodridge!!!!

Thats crazy. I wonder if this has any juice left in the tank?

Taking an a$$ whippin' on this one. Hooray. 260K @ .17 FML

Thanks for the link. I have a very small stake in this company. I sometimes forget about it actually. Regardless, it would be nice to see this company at least form an equity committee so the shareholders have a voice in the court room.

I feel bad for those long with this stock (I enter post BK). I've felt the pain of this kind of stock (PVAHQ). Maybe we'll see some positive news that will revive this sleepy stock! Even PVAHQ jumped from about .02 to .12 in a couple of days a month or so ago (now, of course, it's back to about .02! :))

Hockeyfan,

I have seen no documentation indicating that an official equity committee was created. The Bankruptcy seems to be moving along and it is not looking good for shareholders.

It is a ghost town here, doesn't seem to be a lot of interest it is a little disappointing

Documents can be viewed here.

http://www.bmcgroup.com/restructuring/Docket.aspx?ClientID=386

Stockminder - what are your thoughts on where this stock is heading?

I've been holding my shares. Is there an equity committee in place? I've been trying to find out what's going on, but there seems to be little information lately available on this company.

The volume is extremely low. Perhaps everyone is justing holding at this stage?

The activity on this board seems to be low as the stock's daily volume! :)

First Amended Disclosure Statement Filed by Goodrich Petroleum Corporation (Related document(s):15 Disclosure Statement) (Smith, Garrick) (Entered: 08/12/2016)

Docket #455

http://docs.bmcgroup.com/Goodrich/docs/txsb_4-16-bk-31975_455.pdf

I am.... commons and preferred, although I'm not optimistic about the outcome.

Stockminder, thank you for taking the time to post these news articles about GDPMQ. I appreciate it. Are you currently holding shares?

First Amended Chapter 11 Plan Filed by Goodrich Petroleum Corporation (Related document(s):16 Chapter 11 Plan) (Smith, Garrick) (Entered: 08/12/2016)
Docket #454

http://docs.bmcgroup.com/Goodrich/docs/txsb_4-16-bk-31975_454.pdf

DJ Goodrich Receives Conditional Approval of New Financing Package

Aug 05, 2016 12:35:00 (ET)
By Stephanie Gleason

Goodrich Petroleum Corp. received conditional approval Thursday evening of a new $40 million exit financing package, putting the oil and gas producer back on course to restructure its assets.

Judge Marvin Isgur of the U.S. Bankruptcy Court in Houston approved the financing commitment, conditioned on Goodrich reaching a deal with unsecured creditors, resolving their objections, by Friday at 5 p.m. CT. If no deal is reached, the approval will be withdrawn and Judge Isgur will hold a full hearing on the financing.

The committee of unsecured creditors had objected specifically to the fees associated with the financing, adding that the restructuring agreement Goodrich plans to put forth is both "coercive" to unsecured creditors and "too rich for other parties."

Judge Isgur said he agreed with the unsecured creditors' position on the fees and signaled that he wouldn't approve the financing unless the objection from unsecured creditors was resolved.

Rather than address the fee issue directly, Goodrich is near a deal with unsecured creditors that involves improved treatment under Goodrich's bankruptcy-exit plan, in exchange for the committee's agreement to pull their objection.

A lawyer for the committee representing unsecured creditors said during the hearing Thursday that the parties were close to reaching a deal that would promise unsecured creditors 2% equity in the restructured company, as well as some additional recovery.

The motion for approval of new exit financing comes after a previous financing package fell apart and threatened Goodrich's restructuring all together. Since then, Goodrich was moving toward a sale of its assets in bankruptcy.

When Goodrich filed for bankruptcy in April, junior bondholders including Franklin Advisors were going to provide the exit financing. But in May, Franklin withdrew its commitment and Goodrich said it would pursue a sale of its assets.

Recently, Goodrich was able to reach a new deal with Shenkman Capital Management Inc., CVC Capital Partners, J.P. Morgan Securities LLC as well as Franklin to provide the necessary funding. The $40 million would come in the form of new junior bonds bearing a 13.5% interest rate. Half of the financing would be used to repay senior debt while the other $20 million would finance a shale drilling program. The new bonds would be convertible at maturity to 15% equity in the restructured Goodrich.

The full terms of Goodrich's restructuring are scheduled to be considered by Judge Isgur on Aug. 18 during a disclosure statement hearing, and final approval of the plan is slated for Sept. 28.

Write to Stephanie Gleason at stephanie.gleason@wsj.com


(END) Dow Jones Newswires

August 05, 2016 12:35 ET (16:35 GMT)

EMERGENCY MOTION FOR ORDER (I) APPROVING TERM SHEET AND
COMMITMENT LETTER AND (II) AUTHORIZING PAYMENT OF FEES AND
EXPENSES RELATED THERETO

Docket #410 Pages 5 & 6

Patience is needed with GDPMQ.

Once some news comes out - hopefully regarding an asset sale we'll see things start to move.

One would expect that its better that giving all the equity to creditors. Can someone post the WSJ article, for those that don't have an account? Interested to read the reporters take on the sale of assets.

The approval of asset sells is a pretty big piece of positive news, is it not?

Perhaps we need to hear about some actual sales happenings before this really starts to move. It will be interesting to watch.

That should help.

[$$] Goodrich Petroleum Receives Approval to Sell Its Assets
http://www.wsj.com/articles/goodrich-petroleum-receives-approval-to-sell-its-assets-1467719049?mod=yahoo_hs&yptr=yahoo

Nope but anyone wished they bought bbepq? Another uplmq

Does anyone know why the company changed their BK plan?

This may be back to $1 soon if the sale passes ..

DJ Goodrich Petroleum Switches Gears, Pursues Sale

Jun 24, 2016 14:41:00 (ET)

By Stephanie Gleason

Goodrich Petroleum Corp. has changed the direction of its chapter 11 case, pursuing a sale of its assets rather than the debt-for-equity swap it negotiated with bondholders before filing for bankruptcy.

The oil and gas production company on Thursday requested an emergency hearing in bankruptcy court, scheduled for next Wednesday, on its proposed sale.

A Goodrich lawyer couldn't immediately be reached Friday to comment on the status of the company's prior restructuring agreement with its bondholders. In court papers, it said "good cause exists to expose the debtors' assets to competing bids and, if appropriate, an auction."

Goodrich added that it also will be on the hunt for financing for a debt-payment plan.

The Houston company filed for bankruptcy on April 15 amid a downturn in oil and gas prices that has devastated the industry. Scores of producers and companies that rely on these producers as clients have entered bankruptcy this year. Although prices have ticked up, many more companies are expected to fail.

The majority of oil and gas bankruptcy filings have followed the path that Goodrich originally sought to execute--negotiating a pre-bankruptcy agreement with a group of debtholders who agree to take ownership of the company in exchange for forgiving their debt. These companies have bucked the broader trend in bankruptcy by shying away from court-overseen sales to avoid fire-sale prices for oil and gas assets.

Now, however, Goodrich is seeking permission to test the market.

According to court documents filed with the U.S. Bankruptcy Court in Houston, Goodrich will entertain bids from buyers that would purchase the company as a whole, buy assets in individual lots or fund a plan to exit bankruptcy. The company asked that bids be due by Sept. 30 and that a hearing to approve any successful bids be scheduled around Oct. 14. Creditors will be allowed to enter so-called credit bids, using their debt as currency.

Prior to filing for bankruptcy, Goodrich had negotiated a plan to swap $175 million in debt owed to bondholders that included Franklin Advisors Inc., Penn Capital Management and Jefferies LLC in exchange for Goodrich's equity. The plan would have wiped out $224 million in lower-ranking unsecured bonds and carried over $40 million in secured bank debt.

Although the company had an agreement with bondholders to support the proposal, it still needed to formalize the plan in bankruptcy through a broad creditor vote and gain a bankruptcy judge's approval. A hearing on Goodrich's bankruptcy-exit proposal was removed from the court's calendar earlier this month.

Goodrich operates in Texas, Louisiana and Mississippi. The company's April bankruptcy filing capped a yearlong effort to reduce leverage and raise liquidity to weather low prices.

Hopefully this stays as a chapter 11 (restructuring) and doesn't turn into a chapter 7!

So are we to assume all of our common stock will be wiped out? I'm still able to liquidate my shares it looks like

This was a chapter 11, busy continues as normal, not listed on the big boards, but OTC, now is the time to buy IMO!!!

GDP exiting bankruptcy today and less than 3 cents, with $90 Million in qtrly revenue, easy 10X gainer here!!!